Cowboy State Bookkeeping

12/02/2024

Happy December, CSB clients! I sent out an email earlier today detailing this process. This is a friendly reminder that the NEW FinCEN BOIR is legitimate and you do need to file. The fines are highhhh (think Snoop Dogg) and jail time is a possibility. $500/day adds up fast.

This can all be taken care of online within a few minutes, so please do not put it off until the last minute. Also FYI - I was the test dummy and customer service is... nonexistent. If you need any assistance, please reach out and I will try to help you.

If you have a business, odds are high that you need to file this information. Per the Corporate Transparency Act, all businesses in existence prior to 1/1/2024 have until 12/31/2024 to file this information. For businesses formed during 2024, you have 90 days from formation. If you form a new business after 1/1/2025, you need to file within 30 days.

https://www.fincen.gov/boi

Here is a link to FAQs:
https://www.fincen.gov/boi-faqs

A link to e-file:
https://boiefiling.fincen.gov

12/02/2024

If you have a registered LLC or corporation of any type in the US, you need to file this federally required information. More details for businesses that need to file can be found on the FinCEN website.

The Corporate Transparency Act is now in effect and you NEED to file. There are substantial fines ($500/day) and jail time on the table for those who do not file.

For companies in existence prior to 2024, the deadline is 12/31/24. For new companies formed in 2024, you have 90 days from formation to file. Starting in 2025, you will have 30 days to file for new businesses.

This is a one time filing, unless you have changes. Everything can be taken care of online in a few minutes. Do not skip over this very important NEW requirement!

08/04/2024

☀️Happy Sunday everyone!☀️

This is a very brief sample of the "incentive cheat sheet." One of my horses has 22 incentives on hers and believe me, it has been a great help trying to keep track of that many!

It's customized to each horse and I include every bit of relevant information I can. There are also clickable links to everything you need! This is delivered in a digital format, but printer friendly, so you can slip it in the file with your horses' papers if you prefer.

For those with multiple horses, I'll add it all to a spreadsheet as well, so you can easily glance in one place while you're making payments.

I also offer an email list to keep you updated on incentive news and changes.

PM me your horses' (or herd's!) info and we will get you on the right track!

08/02/2024

Friendly reminder I’ve been offering an incentive service since 2022! Don’t want to go through your herd and figure out what’s due when? We got it!

If you have barrel horses, you know that stallion incentives have changed the game!

This is incredibly exciting, but can become an added stress on top of all the other paperwork required for hauling or competing. But Cowboy State Bookkeeping is here to help!

We are excited to announce our newest service, offering a streamlined approach to incentive nominations.

If you have foals that are eligible for barrel or rope horse incentives, but don’t have the time or don’t know where to start, we can make the process hassle free! If you don’t know whether your foals are eligible, we can do the research for you.

Send us a DM today to discuss the process for getting your foals nominated. For a one time fee, you can avoid late fees, missed deadlines and know that your foals will be eligible to enter when the time comes!

As with all services provided by Cowboy State Bookkeeping, you can expect professionalism & an efficient, affordable process.

02/17/2024

Did tax season sneak up on you? ⌛️💰

I hear you! I have opened up a limited amount of spots to help you solve that problem. Don't hesitate - I will only have these openings available through the end of February. Let's chat about how I can help you eliminate the stress of tax prep! 📱💻

04/30/2023

Hi everyone! Please go give this a listen- a great explanation & it’s a valuable 10 minute investment. If you use any third party payment apps (Zelle, cash, PayPal, Venmo, etc) you need to understand how legislature from the American Rescue Plan will affect you.

I don’t personally believe we need to discontinue use of these apps bec of the new laws, but it will be important for you to differentiate between income & repayments (your friend for coffee, selling clothes for less than you purchased them for etc). You will not be taxed on items that are not income, but it will also be your responsibility to make sure the 1099K you receive from a third party payment app is correct.

This is info you absolutely need to know for your 2024 taxes! Now is the time to prepare. Please feel free to reach out to me if you have any questions!

11/30/2022

Tomorrow is December 1 - the deadline for several very important incentive nominations for your barrel horse babies! Are you on top of it? Send me a message today if you need help!
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10/11/2022

Happy Tuesday!

Abby just wanted to pop in & make sure everyone is ready for our series on budgeting that will be starting this week!


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10/07/2022

If you have barrel horses, you know that stallion incentives have changed the game!

This is incredibly exciting, but can become an added stress on top of all the other paperwork required for hauling or competing. But Cowboy State Bookkeeping is here to help!

We are excited to announce our newest service, offering a streamlined approach to incentive nominations.

If you have foals that are eligible for barrel or rope horse incentives, but don’t have the time or don’t know where to start, we can make the process hassle free! If you don’t know whether your foals are eligible, we can do the research for you.

Send us a DM today to discuss the process for getting your foals nominated. For a one time fee, you can avoid late fees, missed deadlines and know that your foals will be eligible to enter when the time comes!

As with all services provided by Cowboy State Bookkeeping, you can expect professionalism & an efficient, affordable process.

10/01/2022

Got barrel horses or barrel babies? Incentives, deadlines, eligibilities, entries. It may be spooky season, but I know just hearing those word emits an instant “yikes” for some 👻

Cowboy State Bookkeeping is adding an exciting new service just for you!! Stay tuned for details 👀

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04/26/2022

Budgeting! 💵

The second most common struggle I hear from clients is in regards to budgeting. People don’t know where to start, they feel overwhelmed, sometimes it feels pointless. It doesn’t have to be that way! Budgeting can be simple & like anything, is just a skill that needs sharpened.

So where should you start?

Personally, I like paper & pencil to begin! Seeing numbers on a sheet of paper helps you understand what you’re working with. There are great apps to utilize monthly once you’ve set up your budget, if you prefer!

Step 1: Add up your total income for the month. Your regular paychecks, any side hustles, etc. If you don’t have a steady monthly income (i.e. income fluctuates, fixed income, income comes in large chunks irregularly or infrequently), you can still budget! It just takes a little more creativity & thought.

Step 2: Total your set expenses. Set expenses are things like rent, car payments, phone bills, subscriptions, etc. Any amount that you pay every month that is (relatively) unchanging, goes in this column. Make sure you write everything down!

Step 3: Make categories for discretionary spending. Groceries, fuel, clothes, entertainment, etc. Amounts that are probably ever changing & you typically have the least control over.

You can either go through previous months’ spending or simply keep track of your expenses for a couple months. Rather than stressing about limiting it immediately, I like to approach budgeting by starting with your expenses & working backwards.

Step 4: Now that you have all the information you need- compare your income & expenses. Is one higher than the other? Is more going out than coming in? Should you be putting more into savings each month?

Step 5: Savings. Do you have a savings account? Multiple? Cash funds? This is a great time to think about what works best for you.

Step 6: Debt. Do you have things that need to be paid off? Getting debt off your plate is a huge relief! There are a lot of ways to approach paying off small or large debts.

Questions? Want to work on a budget? DM me to set up a one on one! You’re only a few steps away from taking control over your business & personal finances.

01/20/2022

Let’s talk business vs. personal accounts ⬇️⬇️⬇️

Many businesses are owned by a single individual. This can make it seem tempting to operate interchangeable between business and personal accounts or even all personal. Depending on your company structure, this could create issues for you down the road. A few of the “high points” in terms of separating your accounts:

🏦 useful financial insights- the most accurate way to gauge your company’s financial state is by looking at strictly business transactions. If your personal finances are combined, it is much harder to keep up with the current state of your business.

🏦 regulatory purposes- you likely have filings with various government entities and of course, taxes. By isolating business transactions, it is easier to make sure you are meeting your obligations.

🏦 legal protections- this is a big one many don’t realize! Depending on your company structure, not having a clear separation between business and personal can put you at risk. Even if you have filed as an LLC or corporation, if you are paying for personal and business expenses from the same credit card or account, that could be used legally to “pierce the veil” of protection you would have had otherwise. You can be held personally responsible financially for your business despite the LLC or corporation.